South Korea seeks exemption from Trump tariffs
A truck driver stands next to his truck as he gets ready to transport a shipping container at Pusan Newport Terminal in Busan, South Korea, July 1, 2021. REUTERS/Kim Hong-Ji/File Photo
SEOUL: South Korean officials have requested an exemption from US reciprocal, steel and aluminium tariffs during their visit this week to Washington, the industry ministry said in a statement on Friday (Feb 21).
Deputy Minister Park Jong-won, who led the first major South Korean government delegation to visit Washington since US President Donald Trump announced sweeping tariffs, argued that almost all tariffs between the two countries have already been eliminated under their free trade agreement.
As a major global exporter and top trading partner with the United States, South Korea has viewed Trump's measures with increasing concern.
Park touted investments in the United States by South Korean companies and proposed holding high-level meetings with the Trump administration to discuss further cooperation, the ministry said.
He also met with members of Congress and pressed them to maintain incentives for South Korean companies to operate in the United States.
"In the future, the government will continue to consult at a high level on US trade and trade measures, and will respond to minimise damage to Korean companies through close communication with the industry," the ministry's statement said.
South Korea's Acting President Choi Sang-mok said last week the country had invested more than any other in the United States in the past two years and that should allow it to negotiate with the Trump administration on tariffs.
"Given their substantial role in supporting US economic objectives, we think Korea and Japan are in a strong position to seek tariff exemptions," Standard Chartered economists said in note, citing more than 20,000 US jobs South Korea contributed in 2023, more than any other country.
Seoul's responses to the Trump administration's moves have been complicated by a political crisis sparked when President Yoon Suk Yeol briefly imposed martial law in December.
Choi, who took over after both Yoon and the prime minister were impeached, has yet to speak directly with Trump.
